Saudi contractor Salem Balhamer eyes solid growth
March 11, 2020

Saudi-based Salem Balhamer General Contracting Company has registered a seven per cent growth in the 2019-20 financial year (FY) and is now anticipating a further increase in business in the coming years.

A key player in the region, Salem Balhamer is a specialist in executing medium and large-scale projects including buildings and public facilities; metal and industrial construction; electromechanical works and infrastructure including air-conditioning,"...

AMAALA Unveils Denniston as Master Planner of the Island
March 11, 2020

AMAALA, the ultra-luxury destination located along Saudi Arabia’s northwestern coastline, has announced the appointment of leading architectural firm Denniston as the Master Planners for The Island.

Chief Executive Officer of AMAALA, Nicholas Naples, said: “AMAALA carves a unique positioning within the global hospitality portfolio, catering to select travellers looking for innovative"...

Rasmala Acquires Research and Development Facility in the United States for USD 61 million
March 9, 2020

Rasmala Investment Bank Limited (‘Rasmala’) a leading alternative investment manager, today announced the acquisition of a state-of-the-art research and development facility in Philadelphia, United States for USD 61 million. The asset was acquired by the Rasmala North American Real Estate Income Fund.

Located in the heart of the Philadelphia Navy Yard complex, one of the premier"...

Saudi Arabia inks Yanbu 4 water project agreements
March 3, 2020

Saudi Arabia has signed the project agreements for Yanbu 4 Independent Water Plant (IWP), a seawater desalination facility to be developed using reverse osmosis (RO) technology, with a consortium comprising French multinational utility group Engie and local water desalination company Mowah

The reverse osmosis (RO) seawater desalination plant, which will come up at Badr Governorate in Madinah region, will boast a production capacity of 450,000 cu m/day"...

Big 5 Saudi construction show postponed
March 3, 2020

The Big 5 Saudi construction show has been postponed to later this year due to the current issues surrounding the coronavirus, the organisers of the event, scheduled to be held from March 8 to 11 in Jeddah, said.

'It is after careful consideration and in consultation with key stakeholders, that dmg events"...

Saudi Alandalus Property's 2019 net profit up 35pc
March 2, 2020

Alandalus Property, a pioneering real estate company involved in the investment, development and operation of income-generating properties across Saudi Arabia, has registered a 35 per cent growth in its net profit for FY 2019 which surged to SR64.8 million ($17.2 million) from SR48 million ($12.7 million) in 2018.

Announcing its financial results for the full year ending December 31, 2019, Alandalus said this sudden rise was mainly due to higher gross"...

Saipem, AHQ in deal to set up Saudi construction JV
March 2, 2020

Saipem, a leading company in engineering, drilling and construction of major projects in the energy and infrastructure sector, has signed an agreement with the Saudi construction company Abdel Hadi Abdullah Al Qahtani & Sons Company (AHQ).

The Italy-based company said this agreement paves way for the creation of a joint venture company in Saudi Arabia, combining Saipem’s EPC competences and skills with AHQ’s knowledge and experience in"...

AMAALA appoints Foster + Partners as Architectural Advisors
March 1, 2020

AMAALA, the ultra-luxury destination located along Saudi Arabia’s northwestern coastline, has announced the appointment of British award-winning architectural design and engineering firm, Foster + Partners. The firm will act as Architectural Advisors of the development.

Rooted in the philosophies of art, wellness, and the purity of the Red Sea, AMAALA is set in the Prince Mohammed"...

Saudi developer lists $400m sukuk on Nasdaq Dubai
February 27, 2020

Nasdaq Dubai on Wednesday welcomed the listing of a $400 million sukuk by Dar Al-Arkan, the Saudi-based real estate development company.

According to a statement, the listing brings Dar Al-Arkan’s total sukuk value listed on Nasdaq Dubai to $2 billion, following the listing of a $600 million sukuk last October and listings of two sukuk of $500 million each in 2017 and 2018.

Modon Properties awards Dh2.37bn of Riyadh City South contracts
February 26, 2020

Modon Properties awarded three infrastructure contracts worth a combined Dh2.37 billion for its Riyadh City South project.

The infrastructure contracts for phases two and five of Riyadh City South, have been awarded to National Projects and Construction, The Nael & Bin Harmal Hydroexport Establishment and Saif Bin Darwish Company.

“The"...